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  3. US markets slips on weak trade deficit data

US markets slips on weak trade deficit data

06 May 2015 Evaluate

The US market closed lower on Tuesday, with the S&P 500 suffering its biggest one-day percentage decline in six weeks, erasing all the gains from the previous two sessions. Feeding jitters was a trade-deficit report that indicated the nation’s trade gap hit its highest level in seven years. The CBOE Volatility index, better known as Wall Street’s fear gauge rose 11%. The nation’s trade deficit soared 43% in March to the highest level since 2008, reflecting the end of a labor standoff at West Coast ports that allowed piles of imported goods sitting at docks such as cell phones, computers and clothes to be sent to US customers. The trade gap jumped to a seasonally adjusted $51.4 billion in March from a revised $35.9 billion in February. Imports leaped a record 7.7% to $239.2 billion, driven by large inflows of heavy machinery, engines, clothing, footwear, computers, televisions, furniture and drugs. Exports edged up 0.9% to $187.8 billion, a sign the strong dollar continues to crimp sales of US goods and services abroad by making them more expensive. The size of the trade gap - the biggest since 1996 - was much larger than Wall Street expected.

On the bright side, services activity accelerated in April to a stronger-than-forecast reading. The ISM services index rose to 57.8% from 56.5% in March. The index for business activity climbed 4.1 percentage points, while the component for new export orders plunged 10.5 points. Ahead of key jobs data, the employment index nudged up to 56.7% from 56.6%. Any reading above 50% indicates expansion.

The Dow Jones Industrial Average lost 142.20 points or 0.79 percent to 17,928.20, Nasdaq was down by 77.60 points or 1.55 percent to 4,939.33 while, S&P 500 was lower by 25.03 points or 1.18 percent to 2,089.46. 

The Indian ADRs closed mostly in red on Tuesday; HDFC Bank was down 0.51%, Infosys was down by 0.32%, Tata Motors was down by 0.23% and ICICI Bank was down by 0.17%. On the other hand, Dr. Reddy’s Lab was up 0.01%.


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